Digital Payment Market
Global Digital Payments Market reached USD 10.1 Billion in 2022 and is expected to reach USD 15.6 Billion in 2030, growing with a CAGR of 5.6% during the forecast period 2024-2031.
Digital Payment Market report, published by DataM Intelligence, provides in-depth insights and analysis on key market trends, growth opportunities, and emerging challenges. Committed to delivering actionable intelligence, DataM Intelligence empowers businesses to make informed decisions and stay ahead of the competition. Through a combination of qualitative and quantitative research methods, it offers comprehensive reports that help clients navigate complex market landscapes, drive strategic growth, and seize new opportunities in an ever-evolving global market.
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Digital payment refers to the transfer of money or payment for goods and services made through digital or electronic means, eliminating the need for physical cash. It includes methods such as mobile wallets, online banking, UPI, credit/debit cards, and contactless payments.
List of the Key Players in the Digital Payment Market:
MasterCard, Google, Amazon, Alipay, Visa, PayPal, ACI Worldwide, Aurus, Apple Pay and Paysafe.
Industry Development:
On March 6, 2023, RBI Governor Shaktikanta Das introduced the “Har Payment Digital” mission during Digital Payments Awareness Week (DPAW) 2023. This initiative aims to promote universal adoption of digital payments across India by raising awareness and bridging the digital divide, ultimately encouraging every citizen to embrace digital transaction methods.
Earlier, on February 21, 2023, India and Singapore unveiled a cross-border digital payment system that enables residents of both nations to conduct transactions seamlessly and in real time. This collaboration, which links India’s Unified Payments Interface (UPI) with Singapore’s PayNow, was jointly launched by RBI Governor Shaktikanta Das and Ravi Menon, Managing Director of the Monetary Authority of Singapore.
Growth Forecast Projected:
The Global Digital Payment Market is anticipated to rise at a considerable rate during the forecast period, between 2024 and 2031. In 2023, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
Research Process:
Both primary and secondary data sources have been used in the global Digital Payment Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.
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Segment Covered in the Digital Payment Market:
By Component: Solution, Service
By Mode of Payment: Point of Sales, Digital Wallet, Bank Cards, Digital Currencies, Net Banking, Others
By Deployment: Cloud, On-premises
By Organization Size: Large Enterprises, Small and Medium-sized Enterprises
By End-User: Banking, Financial Service, and Insurance, Healthcare, Retail and Ecommerce, Transportation, Travel and Hospitality, Media and Entertainment, Transportation and Logistics, Others
Regional Analysis for Digital Payment Market:
The regional analysis of the Digital Payment Market covers key regions including North America, Europe, Asia Pacific Middle East and Africa and South America. The North America with a focus on the U.S., Canada, and Mexico; Europe, highlighting major countries like the U.K., Germany, France, and Italy, along with other nations in the region; Asia-Pacific, covering India, China, Japan, South Korea, and Australia, among others; South America, with emphasis on Colombia, Brazil, and Argentina; and the Middle East & Africa, which includes Saudi Arabia, the U.A.E., South Africa, and other countries. This comprehensive regional breakdown helps identify unique market trends and growth opportunities specific to each area.
⇥ North America (U.S., Canada, Mexico)
⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)
⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)
⇥ South America (Colombia, Brazil, Argentina, Rest of South America)
⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
Benefits of the Report:
➡ A descriptive analysis of demand-supply gap, market size estimation, SWOT analysis, PESTEL Analysis and forecast in the global market.
➡ Top-down and bottom-up approach for regional analysis
➡ Porter’s five forces model gives an in-depth analysis of buyers and suppliers, threats of new entrants & substitutes and competition amongst the key market players.
➡ By understanding the value chain analysis, the stakeholders can get a clear and detailed picture of this Market
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People Also Ask:
➠ What is the global sales, production, consumption, import, and export value of the Digital Payment market?
➠ Who are the leading manufacturers in the global Digital Payment industry? What is their operational status in terms of capacity, production, sales, pricing, costs, gross margin, and revenue?
➠ What opportunities and challenges do vendors in the global Digital Payment industry face?
➠ Which applications, end-users, or product types are expected to see growth? What is the market share for each type and application?
➠ What are the key factors and limitations affecting the growth of the Digital Payment market?
➠ What are the various sales, marketing, and distribution channels in the global industry?
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